1. Bihar tops in growth: CSO
Bihar is the fastest growing State while Tamil Nadu is the worst performer,
Bihar’s Gross State Domestic Product (GSDP) grew 10.73 per cent during 2012-13 — the only State that clocked a double-digit growth rate during the year. The growth rate was 10.29 per cent in 2011-12 and 15.03 per cent in 2010-11.
Tamil Nadu recorded the slowest growth rate — 3.39 per cent — slower than the national average of 4.5 per cent in 2012-13. The second-best performing State is Madhya Pradesh, which grew at 9.89 per cent. Delhi is third with a growth rate of 9.33 per cent.
2. Crisil MD Roopa Kudva decides to step down
Roopa Kudva has decided to move on after seven years at the helm of Crisil. The credit rating agency on Tuesday notified the stock exchanges that Kudva, Managing Director and Chief Executive Officer, has informed the board of directors of her intent to leave Crisil after the company identifies and appoints a successor and she ensures a smooth transition.
Accordingly, the agency is commencing a search for her successor, the notice to the exchanges said. The Nomination & Remuneration Committee of the Board of Directors will oversee the search process. Kudva will work closely with the Committee during this process.
3. Bandhan Bank will usher in a new model in financial inclusion: CMD
When Bandhan Bank roll outs its services across the country in October 2015, it will be a bank with a difference. The plan is unique. Bandhan will start its journey with 600 branches. The microfinance company’s existing 2,016 offices will operate as sub-branches, each having an army of salaried field staff to take banking to the villages.
“We will operate in a hub-and-spoke model,” says its Chairman and Managing Director, Chandra Shekhar Ghosh.
4. Top honchos at private banks can only serve up to 70 years
The Reserve Bank of India on Tuesday said managing directors, chief executive officers and other whole-time directors (WTDs) of banks in the private sector cannot continue beyond 70 years.
This directive on the upper age limit comes in the wake of the provisions of the Companies Act 2013 in this regard.
The Act prescribes that ‘no company shall appoint or continue the employment of any person as managing director, whole-time director or manager who is below the age of 21 years or has attained the age of 70 years’.
Within the overall limit of 70 years, individual bank’s boards are free to prescribe a lower retirement age for WTDs, including the MD & CEO, as an internal policy matter, the RBI said in a circular.
5. Neel Mukherjee makes it to the Man Booker Prize shortlist
Kolkata-born British author Neel Mukherjee’s latest novel The Lives of Others , set in troubled Bengal of the 1960s and centred around a dysfunctional family, has been shortlisted for the prestigious Booker Prize 2014, in its debut as a global literary award.
Mr. Mukherjee, who studied at Oxford and Cambridge, was also the only Indian-origin author to be longlisted earlier this year.
6. Guarantor of a ‘wilful defaulter’ is liable too: RBI
In case a guarantor of a wilful defaulting borrower refuses to comply with the bank’s demand, the guarantor would also be treated as a wilful defaulter, RBI said.
“Where a banker has made a claim on the guarantor on account of the default made by the principal debtor, the liability of the guarantor is immediate. In case the said guarantor refuses to comply with the demand made by the creditor/banker, despite having sufficient means to make payment of the dues, such guarantor would also be treated as a wilful defaulter,” RBI said in a clarification
7. Sudarshan Venu appointed TVS Motor JMD
Sudarshan Venu, a whole-time director on the board of TVS Motor, has been appointed as the Joint Managing Director of the company, according to a company press release.
He will assume charge today and will work under the advice and guidance of Venu Srinivasan, Chairman and Director, TVS Motor, the release said.
8. Indian institutions award FAO director general for efforts to promote food security
United Nations' Food and Agriculture Organization (FAO) director general Jose Graziano da Silva was named Doctor Honoris Causa by the Indian Agricultural Research Institute (IARI) and made a Fellow of India's National Academy of Agricultural Sciences (NAAS) during his first official mission to the country on Tuesday.
"This is truly a great honor," said Graziano da Silva adding, "The NAAS and IARI have a rich history of contributing to agricultural development, responding to the challenges of yesterday and today, and bridging the academic world and concrete needs.""
Graziano da Silva is only the 15th person to receive an IARI Doctor Honoris Causa in more than half a century, joining the ranks of Nobel Peace Prize winner Norman Borlaug and MS Swaminathan, who were instrumental in launching the Green Revolution in India in the late 1960s.
9. Finance minister Arun Jaitley in hospital, to skip G20 meeting
Finance minister Arun Jaitley will miss a meeting of finance ministers from the Group of 20 nations in Australia next week as he is still in hospital undergoing treatment, the finance ministry said on Wednesday.
Jaitley was admitted to a New Delhi hospital on September 1 for treatment to manage a diabetic condition. The 61-year-old minister, who is responsible for both finance and defence in the government, had originally been expected to leave hospital after a few days.
10. ICC suspends Saeed Ajmal for illegal action
The International Cricket Council (ICC) on Tuesday suspended Pakistan off-spinner Saeed Ajmal, who is currently perched at the top of its ODI rankings, after his bowling action was found to be illegal following an independent analysis.
“The International Cricket Council today confirmed that an independent analysis has found the bowling action of Pakistan’s off-spinner Saeed Ajmal to be illegal and, as such, the player has been suspended from bowling in international cricket with immediate effect,” the ICC said in a statement.
1. Bihar tops in growth: CSO
Bihar is the fastest growing State while Tamil Nadu is the worst performer,
Bihar’s Gross State Domestic Product (GSDP) grew 10.73 per cent during 2012-13 — the only State that clocked a double-digit growth rate during the year. The growth rate was 10.29 per cent in 2011-12 and 15.03 per cent in 2010-11.
Tamil Nadu recorded the slowest growth rate — 3.39 per cent — slower than the national average of 4.5 per cent in 2012-13. The second-best performing State is Madhya Pradesh, which grew at 9.89 per cent. Delhi is third with a growth rate of 9.33 per cent.
2. Crisil MD Roopa Kudva decides to step down
Roopa Kudva has decided to move on after seven years at the helm of Crisil. The credit rating agency on Tuesday notified the stock exchanges that Kudva, Managing Director and Chief Executive Officer, has informed the board of directors of her intent to leave Crisil after the company identifies and appoints a successor and she ensures a smooth transition.
Accordingly, the agency is commencing a search for her successor, the notice to the exchanges said. The Nomination & Remuneration Committee of the Board of Directors will oversee the search process. Kudva will work closely with the Committee during this process.
3. Bandhan Bank will usher in a new model in financial inclusion: CMD
When Bandhan Bank roll outs its services across the country in October 2015, it will be a bank with a difference. The plan is unique. Bandhan will start its journey with 600 branches. The microfinance company’s existing 2,016 offices will operate as sub-branches, each having an army of salaried field staff to take banking to the villages.
“We will operate in a hub-and-spoke model,” says its Chairman and Managing Director, Chandra Shekhar Ghosh.
4. Top honchos at private banks can only serve up to 70 years
The Reserve Bank of India on Tuesday said managing directors, chief executive officers and other whole-time directors (WTDs) of banks in the private sector cannot continue beyond 70 years.
This directive on the upper age limit comes in the wake of the provisions of the Companies Act 2013 in this regard.
The Act prescribes that ‘no company shall appoint or continue the employment of any person as managing director, whole-time director or manager who is below the age of 21 years or has attained the age of 70 years’.
Within the overall limit of 70 years, individual bank’s boards are free to prescribe a lower retirement age for WTDs, including the MD & CEO, as an internal policy matter, the RBI said in a circular.
5. Neel Mukherjee makes it to the Man Booker Prize shortlist
Kolkata-born British author Neel Mukherjee’s latest novel The Lives of Others , set in troubled Bengal of the 1960s and centred around a dysfunctional family, has been shortlisted for the prestigious Booker Prize 2014, in its debut as a global literary award.
Mr. Mukherjee, who studied at Oxford and Cambridge, was also the only Indian-origin author to be longlisted earlier this year.
6. Guarantor of a ‘wilful defaulter’ is liable too: RBI
In case a guarantor of a wilful defaulting borrower refuses to comply with the bank’s demand, the guarantor would also be treated as a wilful defaulter, RBI said.
“Where a banker has made a claim on the guarantor on account of the default made by the principal debtor, the liability of the guarantor is immediate. In case the said guarantor refuses to comply with the demand made by the creditor/banker, despite having sufficient means to make payment of the dues, such guarantor would also be treated as a wilful defaulter,” RBI said in a clarification
7. Sudarshan Venu appointed TVS Motor JMD
Sudarshan Venu, a whole-time director on the board of TVS Motor, has been appointed as the Joint Managing Director of the company, according to a company press release.
He will assume charge today and will work under the advice and guidance of Venu Srinivasan, Chairman and Director, TVS Motor, the release said.
8. Indian institutions award FAO director general for efforts to promote food security
United Nations' Food and Agriculture Organization (FAO) director general Jose Graziano da Silva was named Doctor Honoris Causa by the Indian Agricultural Research Institute (IARI) and made a Fellow of India's National Academy of Agricultural Sciences (NAAS) during his first official mission to the country on Tuesday.
"This is truly a great honor," said Graziano da Silva adding, "The NAAS and IARI have a rich history of contributing to agricultural development, responding to the challenges of yesterday and today, and bridging the academic world and concrete needs.""
Graziano da Silva is only the 15th person to receive an IARI Doctor Honoris Causa in more than half a century, joining the ranks of Nobel Peace Prize winner Norman Borlaug and MS Swaminathan, who were instrumental in launching the Green Revolution in India in the late 1960s.
9. Finance minister Arun Jaitley in hospital, to skip G20 meeting
Finance minister Arun Jaitley will miss a meeting of finance ministers from the Group of 20 nations in Australia next week as he is still in hospital undergoing treatment, the finance ministry said on Wednesday.
Jaitley was admitted to a New Delhi hospital on September 1 for treatment to manage a diabetic condition. The 61-year-old minister, who is responsible for both finance and defence in the government, had originally been expected to leave hospital after a few days.
10. ICC suspends Saeed Ajmal for illegal action
The International Cricket Council (ICC) on Tuesday suspended Pakistan off-spinner Saeed Ajmal, who is currently perched at the top of its ODI rankings, after his bowling action was found to be illegal following an independent analysis.
“The International Cricket Council today confirmed that an independent analysis has found the bowling action of Pakistan’s off-spinner Saeed Ajmal to be illegal and, as such, the player has been suspended from bowling in international cricket with immediate effect,” the ICC said in a statement.
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